In 2018, Hines, along with a subsidiary of real estate funds managed by Oaktree Capital Management, L.P., acquired First Tower, the 27-story Class B office building totaling 709,977 square feet situated in the Downtown East submarket of Calgary.
The +15-connected office building provides efficient floorplates and unobstructed views to the Bow River and the east. Hines and Oaktree will pursue a significant capital upgrade program to reposition the building to a Class A standard including the redevelopment of key common areas of the asset, allowing Hines to offer tenants significant value for their rent and a meaningfully improved built environment in which to work.
A comprehensive redevelopment of the 34,000-square-foot +15-level will provide First Tower’s tenants with a highly differentiated amenity package and materially improve the activation and user experience of the building. The new space will include a tenant lounge/collaboration area; a café and food service area including the possibility for a differentiated food hall concept; an outdoor terrace; a state-of-the-art fitness and wellness center; and a modern, flexible conference facility.
First Tower is well served by transit and only two blocks south of the recently upgraded Riverwalk. In addition, the location will see continued improvement in the coming years as the neighboring East Village area continues to benefit from public infrastructure improvements and private developments.